Hello, and welcome to this week’s rankings update. It has been a rather quiet week in the psychedelics sphere, at least in comparison to the past month.
MindMed (MMEDF) had a relatively eventful week, however, after closing an upsized financing deal to pursue “next-gen psychedelic inspired medicines.” The company also announced that it was adding MDMA to these so-called “psychedelic inspired” therapies. In my humble opinion, I wouldn’t describe MDMA and LSD as “inspired by psychedelics” so much as I would just describe them as outright psychedelics. While the buzz-worded press releases we have received from these firms generally serve no purpose but to boost the stock, MindMed maintains their position near the top of the Mind Altering Index.
Numinus (NUMI) has now dethroned Champignon Brands from the number one spot, elevated by increasing popularity and management strength. This increase in management strength is owed directly to the company’s new Chief Medical Officer, Dr. Evan Wood. Numinus announced May 21 that they hired Dr. Evan Wood for the new position of CMO. This announcement comes only one day after the firm’s Reverse Takeover on the Toronto Stock Exchange, in which shares of the company were offered to the public for the first time.
Dr. Wood is a valuable addition to Numinus’ management team, as he brings a perfect score in all three ranking categories. Dr. Wood has extensive experience in the biopharmaceutical industry and was involved in the Multidisciplinary Association for Psychedelic Studies’ research on MDMA for treating a variety of mental disorders. He was also involved with MAPS for research involving psilocybin psychotherapy. These qualifications will be useful as Numinus seeks to bring psychotherapeutics to a broad market. The company’s management strength score increased about 13%, securing their position in first place of the Mind Altering Index.
The new rankings of the Mind Altering Index are as follows:
- Numinus Wellness: 0.69
- Champignon Brands: 0.66
- MindMed: 0.66
- Revive Therapeutics: 0.46
- New Leaf Brands: 0.44
- Hollister Biosciences: 0.3
The Mind Altering Index website will be updated accordingly with a breakdown of each score. Please check MindAlteringIndex.com/Psychedelic-Stocks/ for updated scores and analysis.